CIT v. Texspin Engineering & Manufacturing Works

344 ITR 544High Court#14062 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 359,850 Indian tax judgments — from 2017 to 2019.

Judgments citing CIT v. Texspin Engineering & Manufacturing Works

The ACIT, Circle-3(2), Ahmedabad vs. Vishal Engineering & Galvanizers, Ahmedabad

ITA 3055/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad25 Jun 2019AY 2008-09

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

For Appellant: Shri N. R. Soni, CIT-D.RFor Respondent: Shri Tushar Hemani, A.R
Section 143(1)Section 143(3)Section 44ASection 45(5)

…assets is not satisfied. In the circumstances, the latter part of section 45(4), which refers to computation of capital gains under section 48 by treating fair market value of the asset on the date of transfer, does not arise. • CIT vs. Rita Mechanical Works 344 ITR 544 (P&H) 12. Section 45(4) of the Act which is relevant reads thus : "The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise, shall be chargeable to tax…

M/S. Vishal Engineers & Galvanizers, Ahmedabad vs. The Dy.CIT, Circle-6, Ahmedabad

ITA 2945/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad25 Jun 2019AY 2008-09

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

For Appellant: Shri N. R. Soni, CIT-D.RFor Respondent: Shri Tushar Hemani, A.R
Section 143(1)Section 143(3)Section 44ASection 45(5)

…assets is not satisfied. In the circumstances, the latter part of section 45(4), which refers to computation of capital gains under section 48 by treating fair market value of the asset on the date of transfer, does not arise. • CIT vs. Rita Mechanical Works 344 ITR 544 (P&H) 12. Section 45(4) of the Act which is relevant reads thus : "The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise, shall be chargeable to tax…

The DCIT, Circle-6, Ahmedabad vs. Vishal Engineering & Galvanizers, Ahmedabad

ITA 2316/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad25 Jun 2019AY 2011-12

Bench: Shri Pramod Kumar& Ms. Madhumita Roy

For Appellant: Shri N. R. Soni, CIT-D.RFor Respondent: Shri Tushar Hemani, A.R
Section 143(1)Section 143(3)Section 44ASection 45(5)

…assets is not satisfied. In the circumstances, the latter part of section 45(4), which refers to computation of capital gains under section 48 by treating fair market value of the asset on the date of transfer, does not arise. • CIT vs. Rita Mechanical Works 344 ITR 544 (P&H) 12. Section 45(4) of the Act which is relevant reads thus : "The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise, shall be chargeable to tax…

Asst.C.I.T., Mangalore vs. Dr. Yusuf Kumble, Mangalore

In the result, the appeals filed by the revenue are dismissed

ITA 1379/BANG/2015[2010-11]Status: DisposedITAT Bangalore03 May 2017AY 2010-11

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

For Appellant: Shri V. Srinivasan, AdvocateFor Respondent: Shri R.S. Siddappaji, Addl. CIT(DR)
Section 47

…ubmitted that 9. when a firm was converted into a limited company under provisions of Schedule IX of the Companies Act, 1956, there was no taxful event as held by the Hon’ble Bombay High Court in the case of CIT v. Texspin Engineering & Manufacturing Works, 344 ITR 544 (Bom). We have heard the rival submissions and perused the material 10. on record. 11. The only issue that arises for consideration in the present appeals is whether the AO was justified in making assessment of capital gains in respect of the land shown as capital contribution in the hands of the firm and the same was revalued subsequently in t…

Asst.C.I.T., Mangalore vs. Dr. Yusuf Kumble, Mangalore

In the result, the appeals filed by the revenue are dismissed

ITA 1378/BANG/2015[2009-10]Status: DisposedITAT Bangalore03 May 2017AY 2009-10

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

For Appellant: Shri V. Srinivasan, AdvocateFor Respondent: Shri R.S. Siddappaji, Addl. CIT(DR)
Section 47

…ubmitted that 9. when a firm was converted into a limited company under provisions of Schedule IX of the Companies Act, 1956, there was no taxful event as held by the Hon’ble Bombay High Court in the case of CIT v. Texspin Engineering & Manufacturing Works, 344 ITR 544 (Bom). We have heard the rival submissions and perused the material 10. on record. 11. The only issue that arises for consideration in the present appeals is whether the AO was justified in making assessment of capital gains in respect of the land shown as capital contribution in the hands of the firm and the same was revalued subsequently in t…

Asst.C.I.T., Mangalore vs. Dr. Ali Kumble, Mangalore

In the result, the appeals filed by the revenue are dismissed

ITA 1377/BANG/2015[2010-11]Status: DisposedITAT Bangalore03 May 2017AY 2010-11

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

For Appellant: Shri V. Srinivasan, AdvocateFor Respondent: Shri R.S. Siddappaji, Addl. CIT(DR)
Section 47

…ubmitted that 9. when a firm was converted into a limited company under provisions of Schedule IX of the Companies Act, 1956, there was no taxful event as held by the Hon’ble Bombay High Court in the case of CIT v. Texspin Engineering & Manufacturing Works, 344 ITR 544 (Bom). We have heard the rival submissions and perused the material 10. on record. 11. The only issue that arises for consideration in the present appeals is whether the AO was justified in making assessment of capital gains in respect of the land shown as capital contribution in the hands of the firm and the same was revalued subsequently in t…

Asst.C.I.T., Mangalore vs. Dr. Ali Kumble, Mangalore

In the result, the appeals filed by the revenue are dismissed

ITA 1376/BANG/2015[2009-10]Status: DisposedITAT Bangalore03 May 2017AY 2009-10

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

For Appellant: Shri V. Srinivasan, AdvocateFor Respondent: Shri R.S. Siddappaji, Addl. CIT(DR)
Section 47

…ubmitted that 9. when a firm was converted into a limited company under provisions of Schedule IX of the Companies Act, 1956, there was no taxful event as held by the Hon’ble Bombay High Court in the case of CIT v. Texspin Engineering & Manufacturing Works, 344 ITR 544 (Bom). We have heard the rival submissions and perused the material 10. on record. 11. The only issue that arises for consideration in the present appeals is whether the AO was justified in making assessment of capital gains in respect of the land shown as capital contribution in the hands of the firm and the same was revalued subsequently in t…

CIT v. Texspin Engineering & Manufacturing Works (344 ITR 544) — Cited in 7 Judgments | BharatTax